The guilty verdict against Lewis Stores for infringing the National Credit Act by the National Credit Regulator (NCR) was just the tip of the iceberg and many more listed and privately held entities extending loans were guilty of these practices.
Neil Roets, CEO of one of the largest credit management corporates in South Africa said the malpractices that Lewis Stores were found guilty of were widespread in the credit industry and that tens of thousands of consumers had been victimised by these illegal practices.
The NCR found Lewis Stores guilty of infringing the National Credit Act (NCA), relating to credit insurance and disability cover sold to pensioners and self- employed consumers.
“The NCR considers this a great victory and will be returning to the National Consumer Tribunal to argue the imposition of a fine on Lewis Stores,” said Jacqueline Peters, NCR manager for investigations and enforcement.
In July 2015 Lewis and Monarch Insurance Company were referred to the NCT for alleged breaches of the NCA, following an investigation by the NCR.
In order to ensure globally consistent standards in valuation, ROYAL INSTITUTION OF CHARTERED SURVEYORS (RICS) publishes RICS Valuation Standards – also known as the “Red Book”, which are mandatory for RICS professionals and RICS regulated firms and apply the requirements of international valuation standards.
In response to the last global financial crisis, RICS developed a regulatory monitoring initiative, known as Valuer Registration (VR), to ensure the consistent application of Red Book valuation standards worldwide.
Implemented as a mandatory scheme for all RICS members undertaking valuations in, inter alia the UK, Netherlands, France, United Arab Emirates, Caiman Islands and Hong Kong, RICS Valuer Registration was launched in June 2016 and on a voluntary basis for any RICS valuer practicing in South Africa.